P-Ng Planters
p. 25 · Read in the full issue
Disturbed By Lack
Of Confidence
Planters' associations in both Papua and New Guinea complained in August about lack of confidence for invest ment in the Territory.
In Port Moresby, Mr. B. E. Fairfax- Ross, president of the Planters' Asso ciation of Papua, said that the need for asset guarantees by Government was inescapable. The Association, he said, had submitted various schemes to the Minister for Territories who had examined them but found various political and economic difficulties in putting any of them into effect.
In Rabaul, in late August, a con ference of the New Guinea Planters'
Association voiced concern at a "lack of conf)dence in the political future" of Papua-New Guinea displayed by "Australian financial circles".
"This is a very real obstacle to in vestment of capital and a major cause ° f ca P ital fli 9 ht fro ™ the Temtory, the Planters Associate conference sai T d L in a resolution The resolut.on added: The ser.ous ness of tha situation is gauged by comparing the yields of the present market P rice , of shar f of Territory companies with Australian companies, "The Association feels it is of the utmost importance that the Australian Government do everything possible to correct the erroneous impression of the Australian public, thus increas ing capital investment in this Terri tory."